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BSRM Adopts Indian Rupee LC for Spare Parts Imports

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Industry: Bank, Building Material, Financial, Steel
Company: Bangladesh Steel Re-Rolling Mills (BSRM)
Company Intelligence Tag: Business Insights

BSRM, Bangladesh’s leading steel manufacturer, has initiated its first Indian rupee (INR) letter of credit (LC) to import machinery spare parts. Valued at 4.84 lakh rupees, the LC was opened with the State Bank of India (SBI) in Chattogram. This development follows the recent adoption of cross-border trade settlements in INR between Bangladesh and India, aiming to reduce reliance on the US dollar. BSRM anticipates potential benefits from utilizing INR LCs amid the prevailing dollar crisis, particularly regarding conversion rates. The company heavily imports raw materials and spare parts from India for its mills.

Source for more details:

The Daily Star

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